~ ASHER ~

[lmcat]

GREEN ENVIROTECH HOLDINGS CORP, (GETH) has issued three Convertible Promissory Notes to Asher Enterprises, Inc. totaling $135,500. These notes call for 4,790,081 shares of the Company's common stock to be placed into a reserve account.

On August 23, 2011, the Company received a notice of default on these notes from Asher as a result of the Company's failure to remain current in its SEC filings and elected to impose a penalty of 50% of the outstanding note balance or $67,750 against the Company. Accrued interest on these notes at June 30, 2012 was $20,591. These notes remain outstanding and in default as of June 30, 2012.

The Promissory Notes issued to Asher Enterprises, Inc. are Convertible Promissory Notes with a discounted conversion price. The value of the discount based upon the current market price of the Company Stock was recorded as a Derivative Liability. This Derivative Liability at June 30, 2012 was $61,860.